Financial Crime World

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Comprehensive Guidelines for Information Sharing and Cybersecurity in the Financial Sector

As part of its ongoing efforts to strengthen the security of the financial sector, a comprehensive plan has been developed to issue guidelines on information sharing and cybersecurity by mid-September 2023. This document outlines the key steps involved in the development process, including the solicitation of feedback from stakeholders and the incorporation of necessary changes.

Key Components of the Guidelines

The proposed guidelines will focus on several key areas:

Information Sharing

  • Active Sharing: The active sharing of threat information allows one institution’s detection to become another’s prevention.
  • Benefits: This approach enables financial institutions to stay ahead of cyber threats and protect their customers’ sensitive information.

Guideline Development Process

The development process for the guidelines will involve the following steps:

  • Draft Guideline Issuance: A draft guideline will be issued for comment by June 30, 2023.
  • Comment Period: Stakeholders and institutions in the financial sector will have an opportunity to provide feedback on the draft guideline during this period.
  • Final Guideline Issuance: The final guideline will be issued by September 15, 2023.

Feedback Mechanism

The Central Bank will solicit comments from stakeholders and incorporate necessary changes based on the feedback received. This ensures that the guidelines are tailored to meet the specific needs of the financial sector.

Buy-in

To ensure effective implementation of the guidelines, the Central Bank will work closely with stakeholders and institutions in the financial sector to secure their buy-in and support.

References

The document also includes references to various reports and articles related to cybersecurity, risk management, and information sharing in the financial sector. These resources provide valuable insights and best practices that can be applied to strengthen the security of the financial sector.